2024 年 10 月 14 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------------------|---------------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------------------------------------|---------|---------| | 线上游戏: 超配 \n腾讯控股 | (700 HK, | | 买入, 目 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 118, based on a 25x PE for 2024 [1][3]. Core Insights - Anta's main brand achieved mid-single-digit growth in Q3 2024, with e-commerce continuing to show over 25% growth. The inventory remains healthy with a sell-through ratio below 5 [1]. - FILA experienced a low single-digit decline in Q3 2024, impacted by market saturation and weak demand, but is expected to stabilize in Q4 due to the e-commerce peak season [1]. - Other brands, particularly in outdoor sports, showed strong performance with growth rates of 45-50%, including significant increases for specific brands like Disante and Kolon [1]. - The overall performance in Q4 is anticipated to improve due to favorable consumption policies and the upcoming Double Eleven sales event [1]. Financial Projections - Revenue is projected to grow from RMB 62,356 million in 2023 to RMB 86,578 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.9% [2][6]. - The net profit attributable to shareholders (excluding non-recurring items) is expected to rise from RMB 10,236 million in 2023 to RMB 15,349 million in 2026, with a growth rate of 36.8% in 2023 [2][6]. - Earnings per share (EPS) are forecasted to increase from RMB 3.69 in 2023 to RMB 5.53 in 2026 [2][6]. Market Position - Anta Sports is positioned as a leading player in the Chinese sportswear industry, expected to benefit from industry growth and consumer trends [1][3]. - The company has a diversified brand portfolio, with strategies tailored to different consumer segments, enhancing its market reach [1]. Shareholder Structure - The major shareholder is Anta International Group Holdings Limited, holding 42.45% of the shares, followed by The DSZ Family Trust and others [4]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 22.54 for 2023, decreasing to 15.04 by 2026, suggesting an attractive valuation as earnings grow [2][9]. - The projected dividend yield is expected to increase from 2.20% in 2023 to 2.61% in 2026 [2]. Operational Efficiency - The gross margin is expected to improve from 62.6% in 2023 to 63.3% in 2026, indicating better cost management and pricing power [2][9]. - Inventory turnover days are projected to stabilize around 123 days, reflecting efficient inventory management practices [9]. Cash Flow Analysis - Operating cash flow is expected to fluctuate, with a significant drop anticipated in 2024, followed by recovery in subsequent years [8]. - The cash balance is projected to increase from RMB 15,228 million in 2023 to RMB 24,833 million by 2026, indicating a strengthening liquidity position [8].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 50.60 港元 77.36↑ +52.9% 汽车 2024 年 10 月 14 日 小鹏汽车 (9868 HK) P7+或将接棒继续降维打击，上调销量预测和目标价，维持买入 M03 超预期后，P7+或将接棒继续降维打击。小鹏 P7+ 的全球首次亮相发 布会上，新车预售价将会在 10 月 14 日巴黎车展上公布。继 M03 的成功 后，我们认为 P7+的定价依然会采取较为积极的策略，将接棒继续降维打 击。我们认为 P7+主要以下几方面亮点: 1） 大空间： P7+ 的长宽高分别为 5056/1937/1512mm，轴距 3000mm，达到 C 级车的尺寸。何小鹏也用"河 马"，"空间怪物" 等来形容 P7+ 的空间。P7+也是今年除智界 R7（价格较 贵）外，少数以空间当成重要亮点的纯电轿车。2） 舒适性： 全车标配座 椅加热、通风、按摩，后排座椅标配 10°电动调节，全系都是 Nappa 座椅 搭配超纤绒顶棚，全系标配的还有三款香氛以及 20 个扬声器。3）首发 AI 鹰眼视觉智驾方案：小鹏 P7+ 或全系标配 AI 鹰眼视觉智驾方案，新车 的智驾软件 ...

交银国际研究 | --- | --- | --- | --- | --- | |----------|---------------|----------------|------------------------------------------------|-------------------------------| | 公司更新 | | | | | | 互联网 | 收盘价 | 目标价 | 潜在涨幅 | 2024 年 10 月 14 日 | | | 港元 438.80 | 港元 513.00↑ | +16.9% | | | 腾讯控股 | (700 HK) | | | | | | | | 手游维持稳健增长，维持利润增速快于收入增速预期 | | 本土/海外手游流水维持快速增长。1）本土：2024年3季度流水同比增29% （Sensor Tower/七麦），对比 2 季度 32%，仍主要受益于新游《地下城与 勇士：起源》（《MDnF》）增量贡献。2）海外：3 季度流水同比增 27% （对比 1/2 季度 33%/47%），仍受 Supercell《荒野乱斗》驱动，单月流水 维持在 6-8 亿元（人民币， ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$108.40, representing a 4% increase from the previous target price of HK$104.20 [1]. Core Views - Anta Sports' performance in Q3 2024 was below expectations, particularly for the FILA brand, while Descente and KOLON continued to show strong growth [1]. - The company is expected to achieve its annual guidance, with a projected revenue growth of 12.4% year-on-year for 2024 [1]. - The report highlights challenges for FILA in meeting its annual targets, with anticipated revenue growth between 4.6% and 5.2% for the year [1][2]. Financial Summary - Revenue for 2024 is projected at RMB 70,096 million, with a slight downward adjustment of 0.9% from previous estimates [2]. - Gross profit margin is expected to remain stable at 63.2% across the forecast period [2]. - Net profit for 2024 is forecasted at RMB 14,122 million, reflecting a decrease of 1.5% from earlier projections [2]. - Earnings per share (EPS) for 2024 is estimated at RMB 4.99, down 1% from previous estimates [1][2]. Market Performance - The current stock price is HK$91.40, with an upside potential of 19% to the target price [1]. - The market capitalization of Anta Sports is approximately US$33.273 billion [1]. - The report indicates that the company's stock is trading at a P/E ratio of 16.7 for 2024, which is competitive compared to peers [3].

恒生指数 21.4% 15.3% 18.4% 52 周价格区间（港元） 260.20-482.40 流通股本（万股） 927,961.82 2024 年 10 月 15 日 公司研究 评级：买入(维持) [Table_Title] 游戏加速，广告稳健，持续高质量增长 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——腾讯控股（0700.HK）2024Q3 财报前瞻 最近一年走势 1、主要财务指标前瞻：我们预计公司 2024Q3 实现营业收入 1670 亿元（YoY+8%）。其中增值服务 823 亿元（YoY+9%），增值服务 中游戏业务 518 亿元（YoY+13%）、社交网络 305 亿元（YoY+3%）， 在线广告业务 298 亿元（YoY+16%），金融科技和企业服务 536 亿 元（YoY+3%）。预计公司 2024Q3 毛利率 53%（YoY+4pct），毛 利润891亿元（YoY+16%）;销售费用率 6%，一般及行政费用率 17%； NON-IFRS 经营利润 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Insights - The company's main brand shows steady growth, while FILA experiences a slight decline, with other brands accelerating their performance. The main brand is expected to grow in the low single digits year-on-year, while FILA has seen its first quarterly year-on-year decline since Q4 2022 [4] - The company has opened over 300 new stores during the National Day holiday, enhancing its market coverage and targeting specific consumer segments with diverse store formats [4] - A share repurchase plan of up to HKD 10 billion is expected to enhance shareholder returns and stabilize the stock price [4] - The company is projected to achieve net profits of HKD 13.765 billion and HKD 13.993 billion for 2024 and 2025, respectively, with a price-to-earnings (PE) valuation range of 18-20X for 2024 [4] Financial Performance Summary - Revenue is projected to grow from HKD 62.356 billion in 2023 to HKD 83.923 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.7% [5] - Net profit is expected to increase from HKD 10.236 billion in 2023 to HKD 14.696 billion in 2026, with a significant year-on-year growth of 34.9% in 2024 [5] - The gross margin is forecasted to remain stable at around 62.7% from 2024 onwards [5] Valuation Metrics - The company is valued at a PE ratio of 25.29 for 2023, decreasing to 17.60 by 2026 [8] - The projected price-to-book (P/B) ratio is expected to decline from 5.03 in 2023 to 3.57 in 2026 [8] - The expected dividend yield is projected to increase from 2.2% in 2023 to 3.1% in 2026 [8]

%% %% 丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车点评：拟引入金华、杭州等政府背景资 本战略性投资，共同助力零跑未来成长 | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 10 月 9 日，公司分别与武义县金投、金华市产业基金、杭州禾合及湖州信创订立内资股认购协 | | | 议，共同助力零跑未来成长。展望未来，公司国内新车周期带来销量持续增长，海外与 Stellantis | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 零跑汽车（9863.HK） cjzqdt11111 [Table_BaseData] 当前股价（HKD） 3 ...

Investment Rating - The report maintains a **Buy** rating for JD Health with a target price of **HKD 33.00** [5] Core Views - JD Health's revenue growth is expected to remain moderate due to weak consumer sentiment, with 2H24 revenue growth projected at **10.2% YoY** and adjusted net profit at **RMB 1.67 billion**, a slight decline of **1.7% YoY** [3] - The report revised JD Health's revenue forecasts for 2024/2025/2026 to **RMB 57.5/62.2/66.2 billion** (previously RMB 57.8/62.6/66.7 billion) and non-IFRS net profit forecasts to **RMB 4.25/4.80/5.22 billion** (previously RMB 4.43/5.02/5.71 billion) [2] - The valuation method was adjusted to relative valuation, with a target non-IFRS PE of **20x for 2025**, higher than the peer average of **14.0x**, reflecting JD Health's market share gains in the pharmaceutical market [2] Revenue and Profit Forecasts - JD Health's 3Q24 revenue is expected to grow **12.0% YoY** to **RMB 12.98 billion**, slowing from **14.6% YoY** in 2Q24 [3] - The company's gross margin is expected to improve to **23.0/23.5/23.8%** for 2024/2025/2026, driven by operational leverage and higher service revenue contribution [8] - Non-IFRS net profit for 2024/2025/2026 is revised down by **-3.9/-4.4/-8.6%** to **RMB 4.25/4.80/5.22 billion**, mainly due to lower interest income expectations in a rate-cutting environment [8] Industry and Policy Drivers - JD Health's future valuation upside is driven by **consumer sentiment recovery** and **policy support**, such as the expansion of online medical insurance payment coverage in regions like Beijing and Guangdong [4] - As of September 24, the number of pharmacies covered by online medical insurance payments in Beijing increased to **490**, up from **350** in 1H24 [4] - Guangdong has expanded online medical insurance payment coverage to **1,300 retail pharmacies** across nine cities, with similar expansions in Yunnan and Sichuan [4] Financial Metrics - JD Health's revenue for 2024E/2025E/2026E is projected at **RMB 57.5/62.2/66.2 billion**, with YoY growth of **7.4/8.2/6.5%** [7] - Net profit attributable to shareholders is expected to grow **46.5/14.5/9.7%** to **RMB 3.14/3.59/3.94 billion** for 2024E/2025E/2026E [7] - ROE is forecasted to improve to **6.2/6.6/6.8%** for 2024E/2025E/2026E, while PE ratios are expected to decline to **25.3/22.2/20.4x** [7]

| --- | --- | |------------------------|------------| | 基本数据 | 2024-10-14 | | 收盘价 ( 港元 ) | 322.60 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -24% -11% 2% 15% 28% 42% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《如何看待港交所后续反弹空间？》 2024-09-25 2. 《交投活跃度仍承压——港交所月度 跟踪（2024 年 8 月）》 2024-09-12 3. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.10.15 四季度公司有望迎来季度业绩高点 ——港交所 ...